ABM Industries Incorporated Provides Earnings Guidance for the Year Ended October 31, 2018
January 18, 2018 at 06:45 am EST
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ABM Industries Incorporated provided earnings guidance for the year ended October 31, 2018. For the period, on basis of excluding 2017 tax reform act impact, the company expected the income from continuing operations per diluted share is expected to be in between $1.33 to $1.43 and adjusted income from continuing operations per diluted share is expected to be in between $1.70 to $1.80. On the basis of including 2017 tax reform act impact, the company expected the income from continuing operations per diluted share is expected to be in between $1.33 to $1.43 and adjusted income from continuing operations per diluted share is expected to be in between $1.98 to $2.08. The company anticipates the impact on fiscal 2018 GAAP income from continuing operations per diluted share will be approximately $0.40 to $0.50, which includes one-time related items. On an adjusted basis, the impact on fiscal 2018 income from continuing operations per diluted share will be approximately $0.28. As a result of the GCA acquisition in 2017, the company moved from a net deferred tax asset position to a net deferred tax liability position. The net effect of the onetime items will have a significant positive impact to the company's GAAP diluted earnings of approximately $0.20 to $0.30 for fiscal 2018. The company expects approximately $12 million to $17 million in incremental cash flow associated with tax reform for Fiscal Year '18.
ABM Industries Incorporated, which operates through its subsidiaries, is a provider of integrated facility, infrastructure, and mobility solutions. Its segments include Business & Industry (B&I), Manufacturing & Distribution (M&D), Education, Aviation, and Technical Solutions. The B&I segment encompasses janitorial, facilities engineering, and parking services for commercial real estate properties, sports and entertainment venues, and other facilities. The M&D segment provides integrated facility services, engineering, janitorial, and other specialized services. The Education segment delivers janitorial, custodial, landscaping and grounds, facilities engineering, and parking services. The Aviation segment supports airlines and airports with services ranging from parking and janitorial to passenger assistance, catering logistics, air cabin maintenance, and transportation. The Technical Solutions segment specializes in facility infrastructure, mechanical and electrical services.